The Homeowner’s Exemption reduces your property taxes on your principal place of residence by deducting up to $7,000 from your assessed value before applying the tax rate, resulting in an annual tax savings of up to $70. Download the fact sheet to learn more!
On November 3, 2020, California voters approved Proposition 19 changing tax savings programs for families and seniors. This fact sheet provides information on how to transfer your Prop 13 tax base to family members.
On November 3, 2020, California voters approved Proposition 19 and its implementing legislation, Senate Bill 539 was enacted on September 30, 2021, providing for intergenerational exclusions and base year value transfers that can result in property tax savings for taxpayers.
This fact sheet focuses on the tax savings for persons 55 or older, individuals with severe disabilities, and victims of wildfire or other natural disasters who wish to transfer their existing assessed values to replacement homes within California.
Parents can transfer their home (or family farm) to their children without having the property reassessed to current market value and avoid paying higher property taxes.
